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Indonesian F&B operator DailyCo said to acquire Yummy Corp

DealStreetAsia

Indonesian multi-brand F&B operator DailyCo is said to be finalising the acquisition of SoftBank Ventures-backed Indonesian F&B firm Yummy Corp through a share swap deal, according to multiple sources familiar with the matter.

Sources indicate that Yummy Corp’s top management, including Mario Sutanto, is currently using a DailyCo email address, even though the company officially stated that the deal is not yet closed.

When contacted by DealStreetAsia, the company responded: “DailyCo is currently in talks with multiple companies in the context of M&A. Yummy Corp is one of them. However, we are not currently in a position to comment further, as a deal has not yet been finalised.”

Yummy Corp did not respond to DealStreetAsia’s queries.

Details of the share swap structure and potential investor exits remain unclear.

The deal effectively brings together two mid-scale food-tech players in a bid to consolidate market presence, reduce redundancies, and boost revenue. “On paper, this looks like a scale play more than a profitability story,” said one venture investor tracking the space. “Combining two assets can sometimes buy time to raise more capital and pursue growth before unit economics kick in.”

A potential merger between DailyCo and Yummy Corp could create a leading integrated F&B operator catering to both individual consumers and corporate clients.

Yummy Corp raised $12 million in Series B funding in 2020, led by SoftBank Ventures Asia, with participation from Hong Kong-based Vectr Ventures, AppWorks, Quest Ventures, Coca-Cola Amatil X, Palm Drive Capital, and existing backers Intudo Ventures and Sovereign’s Capital. Other investors in Yummy Corp include East Ventures, BRI Ventures, and AC Ventures.

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Timur Turlov Bets Bigger on CTOgram: A Strategic Move to Strengthen Freedom’s Tech Footprint

Analytics Insight

In a move that underscores his growing focus on digital transformation, Timur Turlov, founder and CEO of Freedom Holding Corp., has significantly expanded his ownership in the Kazakhstani auto-tech startup CTOgram, now holding 41% of the company.

The increase in Timur Turlov’s stake follows a buyout of shares from several early-stage backers, signaling a pivotal moment in CTOgram’s journey from startup to a key player in Kazakhstan’s digital economy. The deal is expected to unlock new growth channels for the platform, particularly through its deeper integration into the Freedom ecosystem.

According to CTOgram CEO and co-founder Zhandos Tursumbayev, the restructuring of the company’s shareholder base opens the door to strategic scaling. “We’ve been fortunate to have the support of excellent early investors who helped us launch and navigate our early years,” said Tursumbayev. “Now, with Timur Turlov becoming the primary shareholder, we’re positioned to build with long-term focus and strategic clarity.”

The exiting investors include regional and international players such as Quest Ventures (Singapore), Most Ventures (Kazakhstan), and private investors including Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay. Tursumbayev himself also relinquished part of his stake, aligning ownership more closely with operational priorities.

CTOgram operates as a digital interface between car owners and service providers, helping users find reliable repair shops, book maintenance appointments, and access post-accident services. With over 280,000 users and a partner network of more than 2,000 auto workshops, the app has rapidly become a go-to solution for urban vehicle owners in Kazakhstan.

The company also runs its own chain of fast-repair body shops, focusing on restoring vehicles after traffic accidents — a niche but high-demand segment. Turlov’s involvement has already helped CTOgram accelerate its development in areas like spare parts logistics and API integrations with insurance providers.

This stake expansion is part of a much larger plan. Under Turlov’s leadership, Freedom Holding Corp. is building a regional digital ecosystem — one that brings together financial services, retail, mobility, and insurance under a unified digital umbrella. Dubbed the Freedom SuperApp, the platform aspires to offer a one-stop experience across various aspects of a consumer’s daily life.

“We’re working toward a fully integrated journey for car owners,” said Timur Turlov. “Imagine opening a single app and handling diagnostics, repairs, insurance, and parts in just a few clicks. CTOgram is a critical component in bringing that experience to life.”

Freedom Auto, as a segment of this broader initiative, is set to bridge significant market inefficiencies by digitizing and centralizing services that have traditionally been disjointed and offline.

Timur Turlov is no stranger to investing in scalable, tech-driven platforms. In 2023, he committed $1.5 million to CTOgram at a valuation of $13.5 million. That initial injection of capital helped the company strengthen its backend infrastructure and expand into e-commerce for automotive parts — a vertical that is now one of its fastest-growing revenue sources.

The decision to increase ownership further shows that Turlov sees CTOgram not just as a successful startup, but as a foundational piece in Freedom’s ecosystem architecture.

For Kazakhstan’s startup ecosystem, the story of CTOgram is a compelling one. It demonstrates how local innovation, backed by strategic capital and supported by a vision for digital integration, can gain traction and scale. It’s also a sign that prominent business leaders like Turlov are willing to take calculated risks on homegrown platforms, contributing to the development of a competitive tech economy.

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Timur Turlov increases his stake in Kazakhstani startup

Kursiv Media

Timur Turlov, founder of Freedom Holding Corp., has increased his ownership in the Kazakhstani IT startup CTOgram to 41%, after buying out shares from early-stage investors, the company announced.

According to CTOgram CEO Zhandos Tursumbayev, consolidating shares with a strategic investor opens new opportunities for scaling the company, which is set to play a key role in the development of the Freedom Auto ecosystem. He also expressed gratitude to the early investors who supported the project’s launch.

«We’re grateful to Timur Turlov for his trust and productive partnership, which has been ongoing for two years now,» said Tursumbayev.

Investors exiting CTOgram’s shareholder list include Singapore-based venture fund Quest Ventures, Kazakhstani fund Most Ventures and private investors such as Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay, among others. Company founder Tursumbayev also sold a portion of his stake.

Turlov emphasized that CTOgram is an essential part of the broader ecosystem his company is building for customers. Increasing his stake marks another step toward fully integrating CTOgram into the Freedom SuperApp platform.

«We’re confident the synergy between CTOgram and our other ecosystem components holds enormous potential. Our next challenge is to design a seamless digital journey for car owners within Freedom Auto — from diagnostics and repairs to insurance and spare parts purchases — all through a single platform. I have no doubt CTOgram will give strong momentum to our digital expansion, creating added value for both our customers and partners,» Turlov said.

CTOgram is an online service that helps car owners connect with auto repair and maintenance providers. The app currently has 280,000 users and partners with over 2,000 workshops. The company also operates its own network of Autobody repair shops, specializing in fast car restoration after accidents.

In 2023, Turlov invested $1.5 million in CTOgram when the company was valued at $13.5 million, helping fuel its growth, particularly in the auto parts sales segment.

Turlov is the founder and CEO of Freedom Holding Corp., an investment group registered in the United States, where he is also the majority shareholder. In Kazakhstan, the group operates several subsidiaries, including Freedom Finance JSC, Freedom Bank, Freedom Finance Insurance JSC, Freedom Life Insurance JSC, the online grocery platform Arbuz.kz and Freedom Travel.

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Da Nang: Nearly 40 Start-ups seek investment at DAVAS 2025

Nhan Dan

The event was co-organised by the Da Nang Department of Science and Technology, the Da Nang Innovation Startup Support Centre, Quest Ventures, and HVA Investment Joint Stock Company.

This year’s summit welcomed 60 experts and speakers, along with over 20 well-known investors and venture capital funds from countries, including Singapore, Japan, the Republic of Korea (RoK), and Vietnam, representing a combined investment portfolio of approximately 3.5 billion USD.

Notably, 36 start-ups from various sectors such as technology, education, agriculture, and health care pitched for funding and explored opportunities for investment partnerships.

Beyond the pitch sessions, DAVAS 2025 featured a range of standout activities including – the launching of the Da Nang–Greater Bay Area Innovation Hub, three investment discussion panels, the signing of cooperation agreements on innovation, the debut of the city’s SIC student start-up network, and a showcase of innovative start-up booths.

According to experts, Da Nang is steadily emerging as a leading innovation and start-up hub, with strong potential in high-tech sectors.

Nguyen Thi Anh Thi, Vice Chairwoman of the Da Nang People’s Committee, emphasised the city’s proactive innovation policies, including tax exemptions, infrastructure support, and controlled trials for new technologies.

With the upcoming administrative mergence with Quang Nam province, Da Nang aims to strengthen its role in the national and regional economy and become a leading innovation and entrepreneurship hub in Southeast Asia. She also expressed plans to build a strong network of angel investors and venture capital funds to support start-ups.

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Da Nang draws investors as rising hub for startups, innovation

Da Nang Online

The Da Nang Venture and Angel Summit 2025 (DAVAS 2025) is emerging as a key strategic platform for venture capitalists, angel investors, and the innovation-driven startup community. More than just a networking event, the summit aims to strengthen the investment landscape in Central Viet Nam by positioning Da Nang as a compelling destination for both domestic and international capital.

Taking place May 29 – 30, DAVAS 2025 is organised by the Centre for Innovative Startup Support under the Da Nang Department of Science and Technology, in collaboration with Quest Ventures and HVA Investment JSC.

In 2025, DAVAS returns with an expanded scope, welcoming over 20 prominent investors and venture capital firms from Singapore, Japan, South Korea, Hong Kong (China), Viet Nam, and other countries.

Key participating names include Quest Ventures, Do Ventures, ThinkZone Ventures, Genesia Ventures, Vertex Ventures, FundGo, WeAngels Capital, Trive, Sunwah Innovation Center, Daiwa Corporate Investment, Makara Capital, JN Capital & Growth Advisory, Dream Incubator, and Lean Ventures, collectively managing assets totaling more than US$3.5 billion.

The programme also features a series of investment-focused panel discussions, the signing of strategic innovation partnerships, and the launch of the SOCIAL IMPACT CATALYST (SIC) student startup network in Da Nang, designed to empower the next generation of changemakers.

Meanwhile, the launch of new innovation platforms, including the SOCIAL IMPACT CATALYST (SIC) student startup network, the YBA Startup & Investment Club, and the Da Nang – Hong Kong Innovation Space, is expected to expand the city’s base of coworking spaces, increase startup density and catalyze growth-oriented clusters.

In parallel, startup pitching sessions and engagements with international mentors will help elevate the capabilities of local founders, enhancing skills, growing team sizes, and laying the groundwork for future unicorns.

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Indonesian fintech Kredivo said to be acquiring GajiGesa

DealStreetAsia

Indonesian fintech firm Kredivo is reportedly in advanced talks to acquire GajiGesa, a homegrown earned wage access (EWA) startup, DealStreetAsia has learnt.

GajiGesa’s last reported funding round was in 2022 when it raised $2.5 million in seed funding co-led by Defy.vc and Quest Ventures. GK Plug and Play, Next Billion Ventures, Alto Partners Multi-Family Office, Kanmo Group, and strategic angel investors also participated.

The startup has raised a total funding of $9.15 million to date, according to DealStreetAsia – DATA VANTAGE.

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GajiGesa Dikabarkan Telah Diakuisisi Kredivo dengan Nilai Jauh di Bawah Valuasi

DailySocial

Platform fintech EWA (Earned Wage Access) GajiGesa dikabarkan telah diakuisisi oleh Kredivo. Menurut sumber, perusahaan diakuisisi dengan harga ~US$5-6 juta, jauh lebih rendah dari valuasi terakhir perusahaan.

Berdasarkan data yang dilaporkan ke regulator mengutip dari Alternatives.pe, sampai tahun 2022 GajiGesa berhasil mengumpulkan pendanaan ekuitas US$9 juta dengan valuasi terakhir ~US$33 juta. Beberapa investor utamanya termasuk MassMutual Ventures, Defy VC, January Capital, Quest Ventures, OCBC NISP Ventura, dan beberapa lainnya.

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BEYOND Expo, TNGlobal & Quest Ventures to co-host Beyond Tonight at Ho Chi Minh City

TechNode Global

Co-hosted by BEYOND Expo, TNGlobal and Quest Ventures, this exclusive gathering is expected to bring together Vietnam’s vibrant tech ecosystem and global innovation leaders for an evening of networking and collaborations.

BEYOND Expo is Asia’s largest tech innovation and ecosystem expo, as well as Asia’s flagship consumer electronics show.

Marking its 5th edition, BEYOND Expo will take place from May 21-24, 2025, at The Venetian Macao Cotai Expo, Macao, welcoming global innovators to connect, collaborate, and thrive.

The BEYOND International Technology Innovation Expo (BEYOND Expo) is Asia’s largest tech and innovation ecosystem expo, showcasing the culture and achievements of global technological innovation.

BEYOND Expo is not only a Network for displaying technological advancements but also a significant opportunity to drive industry upgrades. Through dedicated professional exhibition areas and vertical industry forums, BEYOND Expo is committed to fostering comprehensive development in technology and innovation while facilitating exchanges across various segments of the industry.

Since 2021, BEYOND Expo has attracted participation from Asia’s Fortune 500 companies, large multinational corporations, unicorn innovation firms, and emerging startups. By integrating companies, products, capital, and industries, it builds an innovative ecosystem aimed at collectively advancing the development of the Asia-Pacific region and the global technology innovation industry.

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The 40 Most Influential VC Partners Shaping Southeast Asia’s Fintech Boom

IndianStartupTimes

Southeast Asia has emerged as a global fintech hotspot, with rapid digital adoption, a growing middle class, and increasing financial inclusion. Venture capitalists play a crucial role in this transformation, backing innovative startups across payments, lending, wealth management, blockchain, and digital banking.

This list highlights 40 leading VC partners who are shaping the fintech ecosystem in the region. These investors are not only providing capital but also offering strategic guidance, fostering innovation, and driving financial inclusion. Their contributions are helping startups scale, navigate regulatory landscapes, and redefine the future of finance in Southeast Asia.

James Tan (Managing Partner, Quest Ventures): Led by Managing Partner James Tan, Quest Ventures is one of Asia’s top VC firms, actively backing fintech and digital economy startups across Southeast and Central Asia. Tan, a former NASDAQ-listed entrepreneur, has invested in leading startups like Carousell, Shopback, and Billz. Beyond venture capital, he plays a key role in entrepreneurship advocacy, social impact, and innovation policy in Singapore. His expertise spans tech, business transformation, and early-stage investing, making Quest Ventures a key player in the region’s fintech boom.

The fintech revolution in Southeast Asia is being propelled by visionary venture capitalists who are identifying and nurturing high-potential startups. Their strategic investments are not only driving financial inclusion but also enabling the region to compete on a global scale.

As digital payments, lending, wealth management, and blockchain continue to evolve, these VC partners will remain at the forefront, shaping the future of fintech. Their role extends beyond funding—they are catalysts for innovation, helping build sustainable and impactful financial solutions for millions across the region.

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Quest Ventures expects upticks of M&As, IPOs in 2025 [Q&A]

TechNode Global

As the year of 2024 comes to an end, we sought insights from prominent figures across the Southeast Asian tech landscape. These leaders reflected on their triumphs throughout the year, sharing valuable perspectives on their achievements and the challenges they overcame. Furthermore, they unveiled their ambitious aspirations, meticulously outlined their strategic plans for 2025, and offered insightful predictions on the trajectory of the tech industry in the coming year.

We talked to James Tan, Managing Partner at Quest Ventures, to learn more about the firm’s achievements in 2024, its plans and priorities in 2025. He also shared his views on the outlook of the tech ecosystem in Southeast Asia for the new year.

1. How was Quest Ventures’ 2024?
2024 saw an uptick in venture capital funding for our portfolio companies. This is despite the ongoing startups global funding winter which we believe is soon turning the corner.

2. What are your expectations/aspirations for 2025?
The uptick in venture funding capital will continue. If President Donald Trump’s previous term of office is indicative of the future, renewed political and trade tensions will result in the flight of capital to other geographies, and Southeast Asia and Singapore startups are well-positioned to be net beneficiaries.

Exits will increase as many unicorns in Southeast Asia are nearing or have passed their exit obligations for the funding that they received years ago. We will see upticks in mergers and acquisitions and initial public offerings. This is the time when the tide goes out and we get to see if the swimmers are publicly worth their private valuations. Crypto investments will return with vigor.

3. What are your plans in 2025? What is the focus in the new year?
We will intensify our presence in Southeast Asia, in particular, the Philippines and Vietnam. The startup and innovation ecosystems in these countries are taking shape and we are confident that, baring any black swan event, they will drive funding and market expansion.

As early-stage investors, we are tracking the strong emergence of meaningful startups and exits in emerging Asia. These include Bangladesh, Sri Lanka, Kazakhstan, and Uzbekistan.

4. How is the outlook for 2025 of the tech ecosystem in Southeast Asia?
Southeast Asia should focus on self-reliance. Capital inflows from outside of Southeast Asia will remain important but it is also time for capital within Southeast Asia to circulate in the ecosystem. Public listings, for example, tend to take place outside of Southeast Asia due to our undeveloped and unattractive public offering platforms. Unless and until we have a strong NYSE/ NASDAQ/ HKEX/LSE, exits will continue to happen elsewhere.

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Singapore: Islamic finance success in strategic and organic growth

Islamic Finance News

Singapore, a globally recognised financial hub, continues to make strides in advancing Islamic finance despite its niche presence in the local financial ecosystem. Renowned for its regulatory excellence, innovation and strategic economic positioning, Singapore presents a unique narrative within the global Islamic finance industry.

Review of 2024

In 2024, Islamic finance in Singapore solidified its foundations through actionable milestones and impactful collaborations. The year showcased Singapore’s enduring appeal to global investors, with SG$5.4 billion (US$4.02 billion) in fixed asset commitments secured in the first half alone. Amid this economic vibrancy, Islamic finance made significant strides, driven by both strategic initiatives and grassroots efforts in five pivotal resolutions:

1. Talent development: Launching scholarships and internships to address skill gaps and foster expertise.
2. Regulatory collaboration: Establishing frameworks for regular engagement with regulators to streamline compliance.
3. Public literacy campaigns: Enhancing awareness through workshops and digital resources.
4. Shariah governance: Forming working groups to ensure cohesive and consistent standards.
5. Islamic product prioritization: Promoting a collective commitment to prioritizing Shariah compliant solutions.

Similarly, Quest Ventures is actively investing in Muslim-focused businesses that leverage technology to scale their offerings. Notable
investments include Ethis, a Shariah compliant crowdfunding platform in Malaysia; Kapital Boost, an Islamic P2P lending platform for SMEs in Indonesia; and Billz, a retail management platform for SMEs in Uzbekistan.

These initiatives underscore the diverse and dynamic growth of Singapore’s Islamic finance ecosystem. By addressing market demands, integrating advanced technology and expanding regional influence, the sector continues to build a competitive and value-driven landscape for ethical financial services.

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Sowing The Seeds Of Success: Strategic And Organic Growth In Islamic Finance In Singapore

Islamic Finance Singapore

Singapore, a globally recognised financial hub, continues to make strides in advancing Islamic finance despite its niche presence in the local financial ecosystem. Renowned for its regulatory excellence, innovation, and strategic economic positioning, Singapore presents a unique narrative within the global Islamic finance industry.

The growth of Islamic finance in Singapore has been driven by ground-up initiatives and organic efforts from key industry stakeholders. The 2024 Singapore Islamic Finance Forum (SIFF), now in its second year and organised by Islamic Finance Singapore Ltd (IFSG) with Maybank Singapore and World Scientific as key partners, marked a pivotal moment for the sector. The forum facilitated vital conversations among practitioners, resulting in resolutions to enhance talent development, improve public literacy, foster regulatory innovation, and prioritise Shariah-compliant financial products. These grassroots efforts have established a strong foundation for innovation and sustainable growth.

A notable development within this ecosystem is the rising prominence of Islamic Wealth Management (IWM). While not a direct outcome of SIFF, the sector’s expansion reflects the organic efforts of institutions like Maybank Singapore (Maybank), which has strategically championed IWM as a cornerstone of its offerings. Achieving a remarkable 107% growth in its IWM business in 2024, Maybank’s initiatives focus on addressing market gaps, as Singapore previously lacked end-to-end Shariah-compliant wealth management solutions. By aligning its offerings with the five pillars of IWM—Wealth Creation, Accumulation, Protection, Purification, and Distribution—Maybank and similar institutions cater to the evolving financial needs of both Muslim and non-Muslim clients. This demonstrates Singapore’s capacity to transform itself into a regional hub for IWM, driven by industry-led initiatives.

As Singapore steps into 2025, its focus on aligning Islamic finance and wealth management with broader innovation and sustainability goals positions the nation as an emerging bridge between East and West in the Islamic financial landscape.

Venture Capital Innovation
Hasan VC has taken a significant step in advancing halal venture capital by launching a fund supported by angel investors from 30 countries. In 2024, the firm funded 12 ethical startups, showcasing how Islamic finance can foster impactful innovation and empower regional entrepreneurs. Similarly, Quest Ventures is actively investing in Muslim-focused businesses that leverage technology to scale their offerings. Notable investments include Ethis, a Shariah-compliant crowdfunding platform in Malaysia; Kapital Boost, an Islamic peer-to-peer lending platform for SMEs in Indonesia; and Billz, a retail management platform for SMEs in Uzbekistan.

These initiatives underscore the diverse and dynamic growth of Singapore’s Islamic finance ecosystem. By addressing market demands, integrating advanced technology, and expanding regional influence, the sector continues to build a competitive and value-driven landscape for ethical financial services.

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“Questions With” selected as a 80 Best Asia Podcast

FeedSpot

Quest Ventures’ podcast – Questions With – was selected as a 80 Best Asia Podcast.

“Questions With” joins The Asia Chessboard, McKinsey Future of Asia, Bloomberg Daybreak: Asia Edition, Nikkei Asia, and Asia’s Developing Future by the Asian Development Bank Institute in this ranking.

Asia’s potential is ultimately realized in its people. Let Quest Ventures – the Top Venture Capital Fund in Asia – take you on an Asian journey of discovery through Questions With the people making an impact in the digital economy.

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“Questions With” selected as a 10 Best Asia Cryptocurrency Podcast

FeedSpot

Quest Ventures’ podcast – Questions With – was selected as a 10 Best Asia Cryptocurrency Podcast.

“Questions With” joins Blockcast, BlockchainAsia, and Anndy Lian in this ranking.

Asia’s potential is ultimately realized in its people. Let Quest Ventures – the Top Venture Capital Fund in Asia – take you on an Asian journey of discovery through Questions With the people making an impact in the digital economy.

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马林百列迎‘双庆’

新明日报

除了迎接SG60,也为马林百列50周年庆划下句点。陈诗龙当场宣布马林百列社区关怀中心将在今年落成。

马林百列是我国第一个完全在填海地段发展起来的组屋区,自1974年第一批居民搬进该组屋区,至今已走过50年。

该区2024年4月起展开一系列庆典活动,而昨晚在马林弯第46座广场举办的跨年倒数嘉年华除了迎接新一年的到来,也是50周年庆的压轴活动,同时也为欢庆新加坡建国60周年拉开序幕。

马林百列50周年筹委会主席陈中受访时透露,昨晚活动花了约半年时间筹备,并出动约30名义工负责各岗位。

团队从4月起就陆续收到超过百个居民分享的区内故事,部分故事也在昨晚活动现场展示。

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